Nigeria - Business creation project

Describe your project or startup in a few words

KolaboRATE is a collaborative bookkeeping and project management app designed for creatives to track financial transactions and manage individual and joint projects seamlessly.

01.01 Describe your project in more detail

Nonzo, a singer with a magical voice lives in Lagos. Despite his talent, he faces a familiar plight shared by many artists in his community: poor financial documentation & the unending need for collaboration. He often ponders the need for creatives to support each other & keep track of their projects & finances without being overwhelmed. So an idea sprouted, a digital haven for the creatives of Lagos, “KolaboRATE”. KolaboRATE was envisioned as more than just an app; but also a sanctuary for creatives to merge practicality, passion & bookkeeping. The app would allow users to create detailed profiles showcasing their skills, portfolios & rates. So a creative can log into kolaboRATE, find a willing collaborator(s), agree on their rate (full or discounted) & as the project progresses, the app would meticulously document every transaction; paid or pending. Over time, this digital ledger will reflect the true value of each participant’s contributions, showcasing their worth & building trust.

01.02 What is the main problem you are trying to solve?

KolaboRATE addresses the lack of financial literacy and organisational tools among creatives in Nigeria, helping them document their growth and manage their individual and collaborative financial transactions and projects effectively.

01.03 Tell us the major benefits and/or advantages of using the product/service that your project intends to provide (at least 3).

1. Enhanced Financial Transparency: - Users can accurately document every financial transaction, whether paid or owed, providing a clear and comprehensive financial overview. 2. Facilitated Collaboration: - The app enables creatives to find and collaborate with others, managing joint projects and sharing resources efficiently, thus building trust and overcoming the challenge of limited individual resources. 3. Professional Growth and Financial Literacy: - By using the app, creatives can build a professional portfolio with detailed financial records, enhancing their credibility with potential investors and improving their business skills.

01.04 Please describe who exactly your project is aimed at serving. Who are the targeted beneficiaries?

Targeted Beneficiaries: - Independent and Group of Creatives such as musicians, writers, designers, and artists who need to professionalize their creative efforts, build trust, manage their finances and collaborate on projects in order to attract corporate and private investment.

01.05 When did you start working on your project?

2024-04-12

01.06 How many other partners are associated with your business venture?

None yet

01.07 Among the other partners, how many are female?

I hope all the other partners are female

01.08 Please describe the profile of each of the other partners (skills, experience, etc.)

Like I said, this is still a project IDEA.

01.09 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link here:

01.10 Which industry best describes your project?

g) Financial services

02.01.01 My project contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification

The creative industry is growing and more creatives need to gain business knowledge to meet with international and local, private and corporate interest. The more trust is built in the Nigerian context, the more investment can be secured. This will have a domino effect on the entire ecosystem, bring more creatives and their families out of poverty. If this works in the creative space, it can be adopted by other industries too.

02.02.01 My project contributes to the Zero hunger goal

4

02.02.02 Zero hunger - Justification

02.03.01 My project contributes to the Good health and well-being goal

5

02.03.02 Good health and well-being - Justification

Where trust exists, people can sleep well and not have high blood pressure because they constantly suspect someone is trying to cheat them. It will be better for everyone.

02.04.01 My project contributes to the Quality education goal

7 - Strongly Agree

02.04.02 Quality education - Justification

As creatives in Nigeria, we are not taught basic business, bookkeeping or collaborative ethics so this is still a new concept. This will be a solid education that benefits generations yet unborn.

02.05.01 My project contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification

This will benefit everyone. And as an only male child of my parents, and 7 sisters to boot, I intend to lead by example, by collaborating with more females. I already do in my everyday life.

02.06.01 My project contributes to the Clean water and sanitation goal

3

02.06.02 Clean water and sanitation - Justification

02.07.01 My project contributes to the Affordable and clean energy goal

3

02.07.02 Affordable and clean energy - Justification

02.08.01 My project contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification

More creatives will be willing to grow their numbers, even in debt…which is how economies grow. The culture of collaboration and transparency will foster economic growth because investors can easily see the numbers and make informed investments into the creative space without any vagueness or uncertainty. This is a win for all.

02.09.01 My project contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification

KolaboRATE aims to build resilient infrastructure by providing a digital platform for managing creative projects and finances. It will promote inclusive, sustainable industrialization by empowering independent creatives with necessary tools. It will foster innovation through a collaborative ecosystem, pooling diverse talents to drive creativity and innovation.

02.10.01 My project contributes to the Reduced inequalities goal

5

02.10.02 Reduced inequalities - Justification

KolaboRATE will reduce inequality by providing accessible financial management tools to underserved creatives worldwide, enabling them to professionalize their work and access global markets. It will inculcate collaboration and resource sharing, ensuring equitable opportunities for all, regardless of geographic or economic background.

02.11.01 My project contributes to the Sustainable cities and communities goal

4

02.11.02 Sustainable cities and communities - Justification

02.12.01 My project contributes to the Responsible consumption and production goal

6

02.12.02 Responsible consumption and production - Justification

I believe KolaboRATE will ensure sustainable consumption and production patterns by facilitating a circular economy among creatives, promoting resource sharing and collaboration, reducing waste and maximizing the use of existing assets. By documenting transactions and project contributions, it encourages accountability and sustainable practices within the creative community.

02.13.01 My project contributes to the Climate action goal

5

02.13.02 Climate action - Justification

KolaboRATE will contribute to the climate action goal by promoting digital collaboration, reducing the need for physical meetings and travel. Hence, maximising resource sharing & efficiency, & minimizing waste within the creative industry. By encouraging sustainable practices and digital solutions, it will help lower the carbon footprint of creative projects.

02.14.01 My project contributes to the Life below water goal

2

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

3

02.15.02 Life on land - Justification

02.16.01 My project contributes to the Peace justice and strong institutions goal

5

02.16.02 Peace justice and strong institutions - Justification

KolaboRATE will foster peaceful collaboration among creatives, promoting justice and accountability. By facilitating fair negotiations and transparent transactions, it builds trust and resolves disputes, contributing to inclusive institutions and sustainable development in the creative community through transparency, fairness, and accountability.

02.17.01 My project contributes to the Partnerships for the goal

4

02.17.02 Partnerships for the goal - Justification

05.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

5

05.02 The product/service we envision creating represents an entirely new type of product/service.

5

05.03 The product/service we envision creating could be described as a new technology.

2

05.04 The product/service we envision creating is an improvement on an existing product or service.

7 - Strongly Agree

05.05 The product/service we envision creating could be described as an extension of a range of products or services.

5

05.06 The product/service we envision creating responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

05.07 The product/service we envision creating is a new version of an old product/service.

4

05.08 Justification

Currently, there are various bookkeeping and accounting tools available for freelancers and small business owners, including creatives. However, none of them exactly match the collaborative, project-based, and creative-industry-specific focus you described for kolaboRATE. Additionally, there are specialized services like PUSH Bookkeeping that cater specifically to creatives, offering customized financial solutions and helping with financial management, but they don’t focus on collaboration or project-based tracking among multiple creatives

05.09 Who are your main potential competitors and what makes you stand out from them?

Some notable tools in the market include QuickBooks, Wave, and FreshBooks, which offer comprehensive accounting services like invoicing, expense tracking, and financial reporting tailored to freelancers and small businesses. For instance, Wave is a free tool that integrates with various platforms, while FreshBooks is known for its intuitive interface and extensive features designed for small businesses . Additionally, there are specialized services like PUSH Bookkeeping that cater specifically to creatives, offering customized financial solutions and helping with financial management, but they don’t focus on collaboration or project-based tracking among multiple creatives.

10.06 Are you initiating actions within your community to promote the role of female entrepreneurs?

Nigerian women are already entrepreneurial. A LOT of households exist with the women being the breadwinners, my childhood is a testament to this. My sisters are businesswomen and the Nollywood film industry is led and dominated by women. So although I seek to do more to help in this regard, Nigerian women have never, in my opinion, been lacking in this department.